Exercise 12-7 The following three accounts appear in the general ledger of Skysong, Inc. during 2019, Equipment Debit Credit Date Jan. 1 July 31 Sept. 2 Nov. 10 Balance Purchase of equipment Cost of equipment constructed Cost of equipment sold 70,500 51,000 Balance 162,000 232,500 283,500 233,600 49,900 Credit Date Jan. 1 Nov. 10 Dec. 31 Accumulated Depreciation-Equipment Debit Balance Accumulated depreciation on equipment sold 29,500 Depreciation for year Balance 70,400 40,900 63,900 23,000 Retained Earnings Debit Credit Date Jan. 1 Balance Aug. 23 Dividends (cash) Dec. 31 Net income Balance 104,700 88,900 154,600 15,800 65,700 From the postings in the accounts, indicate how the information is reported on a statement of cash flows using the indirect method. The loss on disposal of plant assets was $4,600. (Hint: Cost of equipment constructed is reported in the investing activities section as a decrease in cash of $51,000.) (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) Skysong, Inc. Partial Statement of Cash Flows Adjustments to reconcile net income to Click if you would like to Show Work for this question: Open Show Work